Nongshim has moved away from relying on ramen for a long time,
"Ramen alone is not enough."
Nongshim turns its attention to snacks, positioning its snack business as the 'second core business'
and has now fully entered the snack market.
Although the sales proportion of ramen, the main business, is overwhelming,
They expressed their ambition to develop snacks as the 'second core business' moving forward.
The background to this is the powerful influence that snacks hold in the global processed food market.
In fact, last year the global snack market reached approximately 973 trillion won (68 billion dollars),
and this year, it is projected to surpass an astonishing 1,001 trillion won (70 billion dollars).
Establishing a strong presence in this market, therefore,
means it is also a key strategy for strengthening the overall competitiveness of the company.
Exports of snacks are also active in Korea,
and according to statistics, snacks accounted for 72.5% of total bakery exports from January to November last year.
So far, Nongshim has focused on producing ramen, snacks, and food and beverage products,
and as of last year, ramen accounted for 71.5% of sales, while snacks made up 12.5%.
The gap is even wider when it comes to export amounts,
with snack exports totaling 29 billion won, which is less than one-tenth of ramen exports (246.7 billion won).
However, the situation has been gradually changing this year.
Jennifer appearing on the American talk show 'The Jennifer Hudson Show' introducing Banana Kick. Screenshot from YouTube
원본보기 아이콘The driving force behind this change was none other than Jennie of Blackpink.
In March, Jennie appeared on an American talk show and introduced Nongshim's Banana Kick as her favorite Korean snack.
Afterwards, Banana Kick exports to the United States increased by a staggering 69% compared to the previous month.
It is also notable that Nongshim's market capitalization rose by nearly 260 billion won thanks to a single snack Jennie brought on the show.
This interest did not stop at Banana Kick.
Melon Kick, considered the 'younger sibling' of Banana Kick, has also been continuing its huge success since its launch.
1.44 million bags were sold in the first week alone,
and the cumulative sales exceeded 3.5 million bags in just one month.
Banana Kick even ranked number one in snack sales at major convenience stores and large supermarkets.
As a result, sales of the original Banana Kick increased by more than 50% year-on-year,
making the 'Kick series' a true star performer for Nongshim.
Riding this momentum, Nongshim plans to use Banana Kick and Melon Kick as its main products
to target overseas markets such as the United States, Japan, and China in the second half of the year.
The company also plans to launch new fruit-flavored Kick series snacks within this year.
In addition, a snack called 'Bbangbujang' is also gaining popularity.
This product is a snack version of the salt bread trend from Japan, and it has become a favorite among Japanese tourists, creating a sensation.
It is already being sold in both the Japanese and Chinese markets.
Nongshim is also actively engaging in 'retro marketing' by re-releasing snacks that were popular in the past.
Just this year, Nongshim has re-released 'B29' and 'Cleopatra Potato Chips,' which were originally launched in the 1980s and 1981s,
'Cleopatra Potato Chips' has also expanded its lineup by introducing derivative products such as 'Salt & Olive' and 'Salt & Gim' in succession.
Now that Nongshim has confirmed its potential in both the domestic and global snack markets,
the company plans to expand its overseas production and distribution networks in the long term.
It is considering either forming strategic partnerships with local companies,
or even establishing local production bases from the ground up.
The company emphasized, "We will solidify the snack business as Nongshim's second growth engine," and added, "We will continue to expand our lineup with a diverse range of products."
Nongshim is now preparing to leave the house of ramen and move in earnest to the land of snacks.
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Reporter Han Yeju dpwngks@asiae.co.kr
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Edit Maeng Jiae mjiae@asiae.co.kr
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
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